A New $200 Million Move from the Giant Bank That Made a First in Bitcoin!

In these days when Bitcoin (BTC) and cryptocurrency adoption is increasing day by day, new moves are also coming from banks.

According to Coindesk, Swedish crypto-friendly giant Xapo Bank and Hilbert Capital will launch a $200 million Bitcoin hedge fund.

Xapo Bank and Hilbert Capital, part of Swedish investment firm Hilbert Group, plan to launch a Bitcoin-denominated hedge fund with $200 million in initial capital.

The fund, which is planned to be launched in September, will be open to companies, businesses and professional investors.

The fund's aim is to provide companies, businesses and professional investors with the opportunity to “earn BTC-denominated returns from institutional-level structured credit arrangements that market participants cannot directly benefit from.”

The statement said the fund would charge lower fees than Hilbert's other hedge funds, which typically charge between 2% and 20%.

It comes after $200 million Bitcoin hedge fund Xapo Bank became the first bank in the UK to offer interest-bearing Bitcoin accounts.

*This is not investment advice.